Bome’s 21% Surge Means This Is Next for Memecoin
Journalist
- BOME’s share price has risen by double digits in the last 24 hours
- It has also been consolidating within a horizontal channel over the past few weeks
Book of Meme, a frog-themed token, has been influenced by the recent boom in the memecoin industry. [BOME] There has been a 21% price surge in the last 24 hours
The altcoin’s value was $0.0125 at press time. BOME’s value rose to $0.13 in the early trading hours of May 16 before falling back to its previous level. CoinMarketCap.
BOME is trying
BOME’s trading price was confined to a narrow range prior to the recent uptrend, creating a horizontal channel.
This channel is formed when an asset moves sideways within a specific range for a period of time. This occurs when neither buyers nor sellers of the asset have enough power to move the price up or down. This is when the price of an asset bounces back and forth between highs and lows, creating its resistance and support levels.
BOME has found support at $0.007.
BOME was trading above its resistance at the time of writing. When the value of an asset rises above the upper trendline of resistance, a buy signal is generated.
AskFX’s assessment of other key technical strength indicators confirmed that a break above this resistance level was possible.
BOME’s momentum indicators, for example, were in an uptrend at press time. Its Relative Strength Index was at 58.38 and its Money Flow Index was at 61.95.
These readings indicate that buying pressure is greater than profit-taking.
BOME’s Chaikin Money Flow climbed above the zero line and recorded a reading of 0.03 at press time. This indicator measures the flow of money in and out of an asset. If it returns a number above zero, the market has the liquidity needed to sustain the price of an asset.
BOME’s Elder Ray Index also returned a positive result, confirming the bullish trend. This indicator measures the ratio of buyers and sellers for the altcoin in the market.
TradingView: BOME/USDT
When the index is positive, bullish control prevails. At press time, BOME’s Elder Ray Index was at 0.0024.
Read Book of MEMEs [BOME] 2024-25 price prediction
What’s next for BOME
Source: BOME/USDT on TradingView
If BOME can overcome its resistance, it will reach $0.015. If this prediction is incorrect and the bears regain control, the memecoin’s value could be forced to its support level at $0.009.
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